Philip Morris International Suspends All Russia Operations

(RTTNews) - Tobacco company Philip Morris International (PMI) said on Wednesday that it was suspending all its planned investments in the Russian Federation with immediate effect. This includes all the planned new product launches and commercial, innovation, and manufacturing investments.

The company has also decided to reduce its manufacturing operations in Russia amid ongoing supply chain disruptions and the ongoing regulatory environment. We will continue to monitor the situation as it evolves.

Commenting on the developments, Chief Executive Officer Jacek Olczak said, "We have watched with shock the war in Ukraine and condemn the violence in the strongest possible terms. We stand in solidarity with the innocent men, women, and children who are suffering. We join the many voices calling for an immediate end to the war and the restoration of peace."

He added, "Our immediate priority is the safety and security of our more than one thousand employees and their families in Ukraine. We have taken action to achieve three critical missions: helping to evacuate more than 800 people, to date, including from the most impacted areas; providing critical aid to employees who remain in Ukraine; and providing those who have left the country with logistical, medical, financial, and other practical support in neighboring countries. We are continuing to pay salaries to all our Ukrainian employees during this period."